Introduction to E-banking

E-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet.

E-banking services include ATMs, shared ATM networks, Electronic Funds Transfer at point of sale (EFTPOS), smart cards, stored value cards, phone banking, home banking, internet banking. Thus, the practice of banking has undergone a significant transformation due to the adoption of E-banking.

E-banking implies performing basic banking transaction by customers round the clock globally through Electronic Media. Modern banking is more information based, speedy and boundary less due to the impact of E-revolution. Modern banks have to be well-versed in Information Technology its users and applications. Banking divisions have to be IT based, with the spread of digital economy. The E-banking is more of a science than art. The E-banking is knowledge based and mostly scientific in using electronic devices of the computer revolution. When most business and commercial enterprises tend to become internetworking organizations, banking has to be E-banking in the new century.